Renters normally have to sign onto 12-month leases — even if they don’t want to — but a new rental apartment building is offering leases spanning from three months to three years.
Build-to-rent (BTR) landlord Greystar unveiled the structure of its latest rental apartment development on Monday, which will offer 617 rental apartments in South Yarra, Melbourne.
Renters will start moving into the $500 million development from March next year, providing much needed relief to Australia’s strained rental market.
The project has two towers, with one tower offering lease durations ranging from three to 12 months, while the other building will have one- to three-year lease options.
Greystar Australia managing director Matt Woodland said renters would be able to sign leases “from three months to three years” at the new complex.
“There is high uncatered-for demand for shorter term leases well beyond the typical student category that Claremont Street will cater for,” Mr Woodland said.
Greystar’s South Yarra development will offer 617 purpose-built rental apartments. Picture: Supplied
“This includes people living in Melbourne on short term work contracts, families between houses or who may be renovating, or even people who are moving out of a share house and need short term housing, among many more use cases.
“This offering is something that simply did not exist in the rental market, until now.”
It comes after Greystar revealed the structural completion of 700-rental apartment development in nearby South Melbourne in April this year.
The global property developer and manager will start construction on about 200 rental units in Zetland, Sydney next month, followed by a 400-unit project in Kensington, Melbourne around February next year.
Greystar Australia’s managing director Matt Woodland and senior development director Sean Ryan at the South Yarra development. Picture: Supplied
Flexible lease tenure is the latest point of difference from BTR landlords, including Greystar, Mirvac, Home and others, which have been shaking up Australia’s rental system with new amenities and other benefits.
The arrival of purpose-built rental housing also comes at a critical time, with Australia’s vacancy rate sitting at 1.42% in June, according to PropTrack.
PropTrack senior economist Anne Flaherty said the country’s rental vacancy rate had increased in recent months from historically low levels.
“Despite the increase seen in recent months, vacancy remains well below pre-pandemic levels, with 43% fewer vacant properties in June compared to March 2020,” Ms Flaherty said.
The BTR sector is set to grow rapidly in Australia, with about 55,000 apartments set to be built by 2030, according to Knight Frank estimates.
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